Is Bitcoin Price Holding Strong Above $100K Before the Next Surge?
Bitcoins value saw a brief decline from the $106,250 region. Currently, BTC is consolidating above $100,000 and may be poised for an uptick.
- Bitcoin experienced a pullback from the $106,250 level.
- The price is now below $103,500 and the 100-hourly Simple Moving Average.
- A notable bullish trend line support at $104,650 was broken on the hourly BTC/USD chart (data feed from Kraken).
- If BTC remains above the $100,000 support level, a potential upward movement could ensue.
Bitcoins Price Holding at $100K
Bitcoins value initiated a positive surge above $100,000, surpassing $102,500 and $103,800.
Reaching a peak at $106,246, the price has recently undergone a correction, dipping below $104,000 and $103,500 levels. Furthermore, a critical bullish trend line support at $104,650 was breached on the BTC/USD hourly chart.
Following a low of $99,538, the price is rebounding. There was an upward trend above the 23.6% Fib retracement level from the recent high at $106,246 to the low at $99,538.
The current BTC price lingers below $103,800 and the 100-hourly Simple Moving Average. Immediate resistance is noted around $102,000 with the primary hurdle near $103,000 or the 50% Fib retracement level from the recent swing high to low.
A breakthrough above the $103,000 mark could propel the price upwards, with further resistance at $104,650. Surpassing this level may spur additional gains, possibly testing $106,250 and even $108,500.
Potential Decline in BTC?
If BTC fails to breach the $103,000 resistance, a downside correction may be imminent. Immediate support is anticipated at $100,500, followed by a significant level at $100,000.
Further support rests around $98,800, potentially leading the price towards $96,500 in the short term.
Technical indicators:
Hourly MACD The MACD exhibits waning bullish momentum.
Hourly RSI (Relative Strength Index) The RSI for BTC/USD is presently below the 50 level.
Key Support Levels $100,500, followed by $100,000.
Key Resistance Levels $103,000 and $104,650.
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